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Islamic marketing

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Islamic marketing

  1. 1. Islamic Shariah Compliant Marketing by Aysha Karamat Baig & Munazza Saeed Riphah International University Pakistan
  2. 2. Road Map1. Purpose of Paper.2. Methodology.3. Why is the need for Shariah Compliant Marketing?4. Conceptual Frame Work of ISCM5. What Shariah Compliant Marketing actually is?6. Critical Assessment of Conventional Marketing.7. Targeting Muslim Market Needs.8. Marketing Mix in Islamic Perspective.9. Challenges faced by Shariah Compliant Marketing.10. Conclusion.11. Implications12. Limitations of the this Study.
  3. 3. PurposeThe purpose of the paper is to conceptually demonstrateIslamic Shariah Compliant on Conventional Marketing.
  4. 4. Research Questions1. What is the Need of Shariah Compliant Marketing (SCM)?2. What is the Conceptual frame of Islamic Shariah Compliant Marketing?3. How Differentiation Market Mix and Selling can be discussed within the context of SCM?4. What are the challenges faced by SCM?
  5. 5. MethodologyWe build upon two strands of literature. The first belongs to theone which discusses Islamic economics, Islamic businessethics, Islamic banking & finance, consumer rights, andconventional marketing. The second is Shariah that is The HolyQur’an & books of Hadith. Both are essential in developing theconcept of Islamic marketing.
  6. 6. Why is the need for Islamic marketing? Islam is emphasizing on Qat Haldl (food earned through lawful means). Pious people among Muslims are of believe that as nasty and junk food spoils our health, just like that food earned through unlawful means spoils our spiritual and moral health. Muslims have to live in a way that is defined by the Allah SWT through His Prophet (SAWW).
  7. 7. Conceptual Frame Work of ISCM
  8. 8. Critical Assessment of Conventional Marketing A Muslim who has a sound base in Islam must identify what is permissible and what is not, conscious consumption of Haram things, without regret, holds the risk of spiritual or physical punishments in the Islamic law and/or in the world hereafter.Examples of Criticism1. Boycott of Danish products.2. Concerns over Chinese salt consumption.3. Questions on consumption of a branded potato chips.4. Dent in sales of a world known athlete shoe manufacturing company.
  9. 9. Targeting Muslim Market Needs Being innovative or different is very important today than it was some years ago. Through differentiation companies compete in the target markets(must be according to identified needs of target Market). Some companies are differentiating their services to target the Muslim consumers.Examples:1. Nokia differentiated its services by introducing its mobile phones in Middle East and North Africa markets.2. Sun silk Lively Clean &Fresh shampoo, differentiated by targeting Muslim females, who cover their heads.
  10. 10. Marketing Mix in Islamic Perspective It is hard to attain marketing mix consistency when implementing a conventional marketing approach . Righteous deeds are hollow without purity in matters concerned to production, consumption, marketing and selling of products and services that are pure and lawful (Halal). 5 Ps of marketing mix
  11. 11. Product: Manufactured commodity should be legalized(Halal) and its Impact on Customer Satisfaction should bepositive. According to Islamic values product must be lawful andnot create flatness of mind in any form, had not been causingpublic irritation, or corruption, the article should not becontaminated or unclean.
  12. 12. Price: Islam does not prohibit price controls and manipulations to meet the needs of the market.Place: The intent of distribution channels should be to create value and strengthen the standard of living by providing Shariah compliant satisfactory services.
  13. 13. Promotion: Purpose of advertising is to inform or educate the consumers;it is pertinent that the information dispersed encourages good deeds byportraying Islamic behaviors of respect.People: Customer has right to get accurate information about the productand is indicative of the status given to him by Islam, as well as of thepredetermined rights of his wealth that he spends in purchasing product ofany company.
  14. 14. Selling, in Islamic PerspectiveThe subject matter that is to be sold should be of some value, specific,quantified shouldn’t be harmful for individual as well as for society andcan be capable of ownership, can be delivered and must be in possessionof seller at the time of sale.
  15. 15. Challenges faced by ISCM1. Riba (Interest)2. Ihtikar (Hoarding)3. Adulteration4. Taking oath in business transaction5. Khiyar-e-Aib (Sale of defective goods)6. Bai al-kali bil- kali (sale of one debt for another)7. Al-Gharar (Selling a nonexistent commodity)8. Short Measuring
  16. 16. ConclusionIslamic teachings are civilized, create wisdom of responsibility andaccountability in the mind of believers. Muslim consumers feel comfortable withmarketing practices carried out in SC perspective, information about targetMuslim market will be valuable to both business as well as Muslim consumers inidentifying the gap between Muslim consumers expectations & current businesspractices with respect to Islamic marketing. Islam does not bear intervention inthe market system by hoarding, adulterating, and other forms of exploitationsand thus such products should not be marketed or sold as well.
  17. 17. Implications Managers should not suppose Muslims to be an identical and already existing segment. They should focus on the business practices that are described by Shariah and introduce these practices to flourish and capture majority of Muslim Market, as Muslim consumers need great attention. This paper emphasizes to build bridges for better understanding of social wellbeing, it demonstrates the rights of consumer in marketing process. Consumer shouldn’t be deceived or treated as a key to make money as teachings of Islamic Shariah are equally in the favor of marketer and consumer as well.
  18. 18. Limitations/ Future Research The lack of research on Islamic marketing makes the profundity of argument limited to a certain extent Experimental validation still needed to be done. Paper has been discussing only three concepts of conventional marketing within Islamic perspective.
  19. 19. Thank you very much